Home sales in Northeast Ohio booming

Nationwide, home sales are up to their highest levels since 2008. In January, sales were up 16 percent, but here in Northeast Ohio, home sales are up even higher than that.

Tremont resident, Dean, wanted a new home and thought selling his townhouse would be a challenge. In November, he listed it with an agent.

"He advertised it and, within a week, someone bought it," says Dean. Not only was the sale fast but, much to his surprise, Dean got his full asking price.

But considering the trend in home sales locally, his case isn't a fluke.

In Northeast Ohio, home sales were up 39 percent from December to January, according to researcher, Trendgraphix. And from January 2012 to January 2013, sales are up 27 percent. As for how much homes are selling for, prices grew 9 percent since last year.

"What we're telling our clients is that, if you like the home you're looking at, someone else does as well and often times what we're finding is people are making full-price offers and still not getting the home," says Scott Phillips Jr, with Keller Williams.

He says certain suburbs are hot real estate right now.

"The suburbs growing the most right now are Strongsville, Independence, Lakewood homes are really flying, Bay Village is a place where homes are selling very quickly. And even some inner ring, east side suburbs, such as Shaker Heights."

Phillips is also seeing certain homes more in demand than others.

Luxury and larger homes spend more time on the market, mid-sized homes in the range of $150,000 to $350,000 are selling fast, and, the inventory for starter homes in a good suburb is sold out.